BMO Bank of Montreal
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BMO Bank of Montreal

May 12, 2011 10:23 ET

BMO Introduces Home Ownership App for iPhone and Android Devices

Easy-to-use mobile app part of BMO Marketplace App and provides tools and resources to make sense of home shopping

- The latest BMO app calculates home ownership costs, forecasts mortgage expenses and creates customized home checklists

- One-touch access to BMO SmartSteps for Homeowners-online hub providing expert advice from BMO mortgage specialists and guest bloggers

- Leger report shows 45 per cent turn to online resources such as websites and blogs for financial information and advice

TORONTO, ONTARIO--(Marketwire - May 12, 2011) -

Editors Note: A video is available with this press release.

BMO Bank of Montreal today launched the BMO Home Ownership App, an easy-to-use mobile tool that helps homebuyers manage the complexity that comes with making the biggest purchase of their life. The latest app, available on iPhone and Android smartphones as part of the BMO Marketplace App, helps homebuyers to calculate potential mortgage costs, store and track information on properties and access expert advice on-the-go.

"Mobile technology is becoming increasingly important when it comes to providing customers with the tools, resources and advice needed to help them make the right choices when it comes to financial decisions – including buying a new home," said Bal Sahjpaul, Head of eChannel, BMO Financial Group. "Having access to a tool that can help organize and bring clarity to the many considerations involved is essential, and this app can help."

A BMO survey, conducted by Leger Marketing, shows 94 per cent of consumers who use online or mobile home buying applications found these tools useful. Furthermore, 45 per cent turn to online resources such as websites and blogs for financial information and advice.

The BMO Home Ownership App offers functionalities that allow customers to:

  • Create customized profiles of homes with photos, notes and checklists that include must-have features such as a large kitchen, central air conditioning or a fireplace;
  • Compare homes visited based on checklists or value to help narrow down the selection;
  • Explore potential mortgage costs using an interactive mortgage calculator;
  • Email profiles and comparison charts, and;
  • Get expert advice or answers to questions, whenever and wherever they want.

"For many, a home is one of the largest investments they'll ever make, and while it's an exciting experience, the process can sometimes be stressful and confusing," said Katie Archdekin, Head of Mortgage Products, BMO Bank of Montreal. "That's why it's important to combine expert advice with tools like the BMO Home Ownership App to help keep track and make sense of the home buying process."

Additionally, the app gives consumers one-touch access to BMO SmartSteps for Homeowners – an online hub that provides tips and advice on home financing, renovations, the housing market and other related topics. The content comes from an expert blog authored by BMO mortgage specialists and guest bloggers that share relevant stories, opinions and information.

BMO SmartSteps for Homeowners is part of BMO's ongoing commitment to 'Making Money Make Sense'. Since 2009, BMO has introduced various tools to help Canadians stay on top of their personal finances, including BMO SmartSteps, BMO SmartSteps for Business, BMO SmartSteps for Students, BMO SmartSteps for Investing, BMO SmartSteps for Parents and BMO MoneyLogic.

The Leger Marketing survey was completed on-line from Thursday, March 10th, to Monday, March 21st, 2011, using Leger Marketing's online panel, LegerWeb, with a sample of 1508 Canadians, 25-45 years old, who plan to buy a home in the next two years.

To learn more about BMO SmartSteps for Homeowners, visit www.bmo.com/smarthomeowners.

To view the video associated with this press release, please visit the following link: http://www.youtube.com/watch?v=h8bxydeoNqk.

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